Joshua P. Marston is an Investment Officer, Director of Fixed Income, and Director of Structured & Financial Research at MFS Investment Management® (MFS®). Josh's responsibilities include managing MFS' fixed income portfolio management team as well as oversight of MFS' structured product strategy, dedicated structured product portfolios, and portfolio management responsibilities for several of the firm's other fixed income strategies.
Josh joined MFS in 1999 as a credit analyst and was named portfolio manager and Head of Structured Product Research in 2002. In 2005, he was named Director of Structured & Financials Research and joined the Fixed Income Management Committee. Josh was appointed to his current position of Co-Director of Fixed Income in 2011. Prior to joining the firm, he spent three years as Director of Securities Investment for AMRESCO Capital Trust, where he oversaw firm level investment in commercial real estate securities and subordinate commercial real estate debt.
Josh has a Bachelor of Science degree from Boston University and a Master of Science degree from Massachusetts Institute of Technology.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration, and active risk management.

Robert D. Persons, CFA, is an Investment Officer of MFS Investment Management and a Portfolio Manager of the firm's utilities and bond portfolios.
Robert joined MFS in 2000 as an investment-grade fixed-income research analyst. Prior to joining MFS, he served six years as a bond analyst/portfolio manager for Scudder Kemper Investments; three years as an investment manager for The Travelers Insurance Company; and three years as an investment analyst for Bailard, Biehl & Kaiser.
He earned a Bachelor of Arts degree from Bucknell University and a Master of Business Administration degree from Northwestern University. Robert also holds the Chartered Financial Analyst (CFA) designation.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration, and active risk management.

Fund Information

$13.08
DAILY NAV AS OF 12/8/16

55273F878CUSIP

$2.4
B
NET ASSETS AS OF 10/31/16

Net Asset Value (NAV)
As of
12/8/16

$13.08

NAV Change

$
-0.02
| -0.15%

Class Inception

10/24/95

Start of Investment Operations

10/24/95

Net Assets ($M)
As of
10/31/16

$2,499.94

Average Effective Maturity
As of
10/31/16

8.20
yrs

Average Effective Duration
As of
10/31/16

5.50
yrs

Gross Expense ratio

0.54
%

Net Expense ratio

0.53
%

Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.

Net Expense Ratio reflects the reduction of expenses from fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance. These reductions will continue until at least April 30, 2017.

*YTD Updated Daily as of
12/8/16, subject to revision and not annualized.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your units, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your units, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted.

Important Performance Information

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the series' performance results would be less favorable. All results assume the reinvestment of dividends and capital gains. The performance is as of the date shown; it may not include the series' entire investment portfolio and is subject to change.

Initial Class shares have no sales charge.

The returns for the series shown do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by insurance company separate accounts. Such expenses would reduce the overall returns shown. Please refer to the variable product's annual report for performance that reflects the deduction of the fees and charges imposed by insurance company separate accounts.

Withdrawals of earnings or other taxable amounts are subject to income tax and, if made prior to age 59 1/2, may be subject to an additional 10% federal tax penalty. Early withdrawals reduce the death benefit.

No representation is made, and no assurance can be given, that any investment's results will be comparable to the investment results of any other product with similar investment objectives and policies, including products with the same investment professional or manager. Differences in portfolio size, investments held, contract and portfolio expenses, and other factors can be expected to affect performance.

Important Risk Considerations

The series may not achieve its objective and/or you could lose money on your investment in the series.

Investments in debt instruments may decline in value as the result of declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may decline during rising rates. Funds that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.

Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.

Investments in below investment grade quality debt instruments can be more volatile and have greater risk of default, or already be in default, than higher-quality debt instruments.

Mortgage-backed securities can be subject to prepayment and/or extension and therefore can offer less potential for gains and greater potential for loss.

Please see the prospectus for further information on these and other risk considerations.

Definitions

Average Effective Duration: Average Effective Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.

Average Effective Maturity: Average effective maturity is a weighted average of maturity of the bonds held in a portfolio, taking into account any prepayments, puts, and adjustable coupons which may shorten the maturity. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds.

Before purchasing any variable product, consider the objectives, risks, charges, and expenses associated with the underlying investment option(s) and those of the product itself. For a prospectus, or summary prospectus if available, containing this and other information, contact your investment or insurance professional. Read the prospectus carefully before investing.

Details

A team of investment professionals with general oversight provided by portfolio managers Joshua P. Marston, since 2009, and Robert D. Persons, since 2006. They have been employed in the investment area of MFS since 1999 and 2000, respectively.